Toyota Unveils First Electric Pickup Truck in Thailand

Japanese automaker Toyota, the world’s top carmaker, unveiled the electric vehicle model of its pickup truck ‘Hilux’ for the first time in Bangkok, Thailand, on the 10th. A ninth-generation model undergoing a complete redesign after 10 years, it marks Toyota’s first electric pickup truck.

Toyota plans to sequentially sell the Hilux, produced at its Thai factory, in multiple Asian countries starting next year. A diesel model targeting the Japanese domestic market is also scheduled for release from the middle of next year.

Why did Toyota, which has been criticized for lagging in electric vehicles, unveil its first electric pickup truck in Thailand? Industry analysts suggest the move is part of efforts to defend its “home turf” as Chinese companies, leading with electric vehicles, have rapidly captured Southeast Asian markets. In Thailand, the largest market in Southeast Asia, Chinese firms dominate 88% of the EV market, far surpassing South Korea (1%), the U.S. (6%), and Europe (5%).

While U.S. import car tariffs have decreased from 25% to 15%, global automakers including Toyota continue to face tariff risks in the world’s largest U.S. market. Additionally, concerns over a “peak out” in the U.S. auto market persist, making the defense of third markets increasingly urgent.

In a similar context, Hyundai Motor has recently increased investments in third markets and is seeking a turnaround through new vehicle launches. Last month, Hyundai announced that Tarun Garg, the current COO, Chief Operating Officer, of its Indian subsidiary, would be appointed as the new CEO, Chief Executive Officer, starting January 1 next year. This marks the first time in 29 years since the establishment of the Indian subsidiary that a local Indian has been named CEO.

Hyundai also held its first CEO Investor Day for shareholders and institutional investors in India, pledging to invest 450 billion rupees (approximately 7.4 trillion Korean won) in the country by 2030. Last year, it had announced an investment of 320 billion rupees (approximately 5.3 trillion Korean won) by 2032, but the average annual investment has since increased by hundreds of billions of won.